Property Management Tips

Property management can be a challenging task. More often than not, most managers are unable to align their goals with those of their clients (landlords). Read the extract below to learn how you can improve your property management practice. 

Understand The Needs of Your Clients

Most clients will interview you to determine if you can manage their properties. However, it is essential to ask a few questions to understand how the client would want their property managed. For instance, ask the client what dates he or she would want to receive rent. What are the current rules on the property? Understanding the needs of your client enables you to build a solid relationship and avoid future disputes. For example, if you think that it would be impossible to collect rent by the fifth of each month, let the landlord know.

Adopt a Reliable Method of Screening Tenants

Create a rental application form where potential tenants fill out their current occupation, employer, referees and lifestyle considerations, such as the pets they own. Conduct some background check to verify this information. Some of your concerns should include;

  • What is the individual's credit history? For instance, does he or she make credit card repayments or time? Was the individual evicted due to late rent repayments?
  • Does the individual have a criminal record?
  • If the individual is not employed, how will he or she pay rent? For instance, parents may settle rent if the tenant is a student.
  • Does the tenant have any health concerns? For example, some people may be allergic to specific scents. 

The Tenancy Agreement

The tenancy agreement should have reasonable terms and conditions. Once someone shows interest in renting the property, carefully explain the various clauses on the tenancy agreement. For instance, when should they expect their deposit when moving out? What repair and maintenance work are they allowed to conduct? Are there any noise restrictions? What extra costs will the tenant incur? Ask the tenant to take a few days before signing the agreement. It ensures they have adequate time to contemplate if they can abide by these rules.

Improve Your Dispute Resolution Skills

Tenants will frequently contact you to resolve minor and major disputes. As such, you must be an excellent mediator. For instance, how would you handle a noise complaint? Rather than give an order, let the accused party understand how his or her behaviour affects other tenants. It is an excellent way to encourage harmonious living. 

Top property management tips include; understanding the needs of your clients, adopting a reliable method of screening clients, having a reasonable tenancy agreement and improving your dispute resolution skills.